Bitmine Acquires $47 Million in ETH, Reaches 4.9% of Supply
The company holds 6,001,302 ETH and has staked 84% of its position, projecting $358 million in annualized staking revenue.
Bitmine Immersion Technologies acquired 17,362 Ether (ETH) during the week ended Sept. 27, lifting its holdings to 6,001,302 ETH, or 4.9% of Ethereum’s stated 122.1 million-token supply.
The purchase was valued at about $46.8 million using Bitmine’s stated price of $2,698 per ETH. The company’s holdings were worth roughly $16.2 billion as of Sept. 27 at 3 p.m. ET (19:00 UTC).
Bitmine has staked 5,067,309 ETH, equal to 84% of its holdings. Based on a seven-day annualized staking yield of 2.62%, the company projects annualized staking revenue of $358 million.
The estimate reflects a projection based on recent yield data, not realized annual revenue. Bitmine’s crypto, cash, marketable securities and “moonshot” holdings totaled $17.2 billion at the same snapshot.
The company’s ETH Treasury Strategy targets 5% of Ethereum’s supply, a goal it calls the “Alchemy of 5%.”
